Effective: March 7, 1983
Latest Legislation: House Bill 830 - 114th General Assembly
(A) An order to liquidate the business of a domestic insurer shall appoint the superintendent of insurance and his successors in office as liquidator and shall direct the liquidator forthwith to take possession of the assets of the insurer and to administer them under the general supervision of the court. The liquidator shall be vested by operation of law with the title to all of the property, contracts, and rights of action and all of the books and records of the insurer ordered liquidated, wherever located, as of the entry of the final order of liquidation.
Third persons dealing with the interest of the insurer in real property in a county are charged with notice of the pendency of an action for liquidation of the insurer when a complaint for liquidation of the insurer is filed in the court of common pleas of that county or when a certified copy of the complaint is filed with the clerk of that county under Civil Rule 3(F).
Third persons dealing with the interest of the insurer in real property in a county are charged with notice of the order for liquidation when the judgment ordering liquidation is filed under Civil Rule 58, or a certified copy of the judgment is filed under Civil Rule 3(F), with the clerk of the court of common pleas of that county.
Third persons dealing with the interest of the insurer in other types of property are charged with notice of the pendency of the action for liquidation when the complaint is filed in the court of common pleas, or when a certified copy of the complaint is filed under Civil Rule 3(F) with the clerk of the court of common pleas, of the county in which the principal business of the company is conducted or in which its principal office or place of business is located. Such persons are charged with notice of the judgment ordering liquidation when the judgment is filed under Civil Rule 58, or a certified copy of the judgment is filed under Civil Rule 3(F), with the clerk of the court of common pleas of the county in which the principal business of the company is conducted or in which its principal office or place of business is located.
(B) Upon issuance of the order, the rights and liabilities of any such insurer and of its creditors, policyholders, shareholders, members, and all other persons interested in its estate shall become fixed as of the date of entry of the order of liquidation, except as provided in sections 3903.19 and 3903.37 of the Revised Code.
(C) An order to liquidate the business of an alien insurer domiciled in this state shall be in the same terms and have the same legal effect as an order to liquidate a domestic insurer, except that the assets and the business in the United States shall be the only assets and business included therein.
(D) At the time of filing the complaint for an order of liquidation, or at any time thereafter, the superintendent may file a motion for a judicial declaration of the insurer's insolvency. After providing such notice and hearing as it considers proper, the court may make the declaration.
(E) Any order issued under this section shall require accounting to the court by the liquidator. Accountings shall be at such intervals as the court specifies in its order.
Structure Ohio Revised Code
Chapter 3903 | Reserve Valuation; Rehabilitation and Liquidation
Section 3903.01 | Reserve Valuation - Rehabilitation and Liquidation Definitions.
Section 3903.02 | Citing of Act - Purpose of Act.
Section 3903.03 | Application of Sections.
Section 3903.04 | Jurisdiction.
Section 3903.05 | Temporary Restraining Orders - Injunctions.
Section 3903.06 | Duty of Persons Exercising Control to Cooperate With Superintendent.
Section 3903.07 | Responsibilities of Superintendent and Deputies.
Section 3903.08 | Effect on Pending Proceedings.
Section 3903.09 | Correction Orders Issued by Superintendent.
Section 3903.10 | Complaint - Court May Issue Ex Parte Seizure or Other Order.
Section 3903.11 | Confidentiality of Information - Exceptions.
Section 3903.12 | Grounds for Rehabilitation Order.
Section 3903.13 | Rehabilitation Orders.
Section 3903.14 | Employment of Special Deputies.
Section 3903.15 | Stay of Actions - Statute of Limitations - Standing.
Section 3903.16 | Motion for Order of Liquidation - Order Terminating Rehabilitation of Insurer.
Section 3903.17 | Basis for Liquidation Order.
Section 3903.18 | Liquidation Orders.
Section 3903.19 | Effect of Liquidation Order on Policies.
Section 3903.20 | Dissolution of Corporate Existence.
Section 3903.21 | Liquidator - Powers and Duties.
Section 3903.22 | Notice of Liquidation Order.
Section 3903.24 | Civil Action Against Liquidator or Insurer.
Section 3903.25 | Duplicate List of Insurer's Assets.
Section 3903.26 | Transfers and Obligations Incurred One Year Prior to Proceeding.
Section 3903.27 | Transfers Made After Filing of Complaint.
Section 3903.28 | Preferences.
Section 3903.29 | Allowance of Claims.
Section 3903.30 | Allowance of Setoffs and Counterclaims.
Section 3903.301 | Protection of Rights.
Section 3903.31 | Report of Liquidator to Court.
Section 3903.32 | Reducing Recovery From Reinsurer.
Section 3903.33 | Payment of Unpaid Earned Premiums.
Section 3903.35 | Proof of Claims to Be Filed With Liquidator.
Section 3903.36 | Proof of Claim Contents.
Section 3903.37 | Contingent Claims- Absolute Claims.
Section 3903.38 | Third Party-Party Claims.
Section 3903.39 | Written Notice of Denial of Claim.
Section 3903.40 | Claims Secured by Undertaking of Another Person.
Section 3903.41 | Methods of Determining Value of Security Held by Secured Creditor.
Section 3903.42 | Priority of Distribution of Claims.
Section 3903.421 | Medicaid Health Insuring Corporation Bond and Securities.
Section 3903.43 | Review and Investigation of Claims.
Section 3903.44 | Court Payment of Distributions.
Section 3903.45 | Distribution of Unclaimed and Withheld Funds.
Section 3903.46 | Discharge of Liquidator.
Section 3903.47 | Motion to Reopen Proceedings.
Section 3903.48 | Court to Direct Retention or Destruction of Insurer's Records.
Section 3903.49 | Audit of Books of Proceeding.
Section 3903.50 | Order Appointing Conservator.
Section 3903.51 | Order Directing Liquidation.
Section 3903.52 | Power of Domiciliary Liquidator.
Section 3903.53 | Appointing Ancillary Receiver.
Section 3903.54 | Discretion of Superintendent to Commence Proceedings.
Section 3903.55 | Foreign Claimants.
Section 3903.56 | Ohio Residents Claiming Against Foreign Insurers.
Section 3903.57 | Attachment, Garnishment or Execution Proceedings Blocked.
Section 3903.58 | Distribution Order Among Claimants From Reciprocal States.
Section 3903.59 | Failure to Transfer Assets to Ohio Liquidator by Ancillary Receiver.
Section 3903.71 | Unsound Company, Suspension of Authority to Do Business.
Section 3903.72 | Definitions for Sections 3903.72 to 3903.7211.
Section 3903.721 | Valuation of Reserves.
Section 3903.722 | Submission of Data Prior to Operative Date of Valuation Manual.
Section 3903.723 | Minimum Standards for the Valuation of Policies.
Section 3903.724 | Determination of Valuation Interest Rate.
Section 3903.725 | Valuation for Individual Annuity and Pure Endowment Contracts.
Section 3903.726 | Submissions Prior to Operative Date of Valuation Manual.
Section 3903.727 | Valuation for Accident and Health Insurance Contracts.
Section 3903.728 | Policies Issued on or After the Operative Date of the Valuation Manual.
Section 3903.729 | Established Reserves; Principle-Based Valuation.
Section 3903.7210 | Submission of Prescribed Data.
Section 3903.7211 | Confidential Information.
Section 3903.73 | Deposit of Securities With Treasurer of State.
Section 3903.74 | Sale and Distribution of Securities of Defaulting Companies.
Section 3903.75 | Notice to Claimants.
Section 3903.76 | Court Procedure.
Section 3903.77 | Property and Casualty Insurance Reporting Requirements.
Section 3903.81 | Risk-Based Capital for Insurers Model Act Definitions.
Section 3903.82 | Annual Report.
Section 3903.83 | Duty to Submit Plan.
Section 3903.84 | Regulatory Action Level Event Duties of Superintendent and Insurer.
Section 3903.85 | Authorized Control Level Event Duties of Superintendent and Insurer.
Section 3903.86 | Mandatory Control Level Event Duties of Superintendent and Insurer.
Section 3903.87 | Right to Request Hearing.
Section 3903.88 | Confidential Information.
Section 3903.89 | Effectiveness of Notice.
Section 3903.90 | Annual Report by Foreign Insurer.
Section 3903.91 | Regulatory Officials - Immunity.
Section 3903.92 | Requirements for Exempting Insurer From Sections.